Reflections from the Road: Navigating the New Era of Private Credit

Posted by | Alok Tayal

Six weeks. Eleven cities. More than 30 conversations with lower-middle and middle-market private credit firms. 

If there’s one thing my recent trip across the US made clear, it’s that private credit is under intense pressure. From boardrooms in Chicago to coffee chats in Miami, I heard that firms are feeling the squeeze—competition is fierce, teams are stretched thin, fundraising is dragging on, and differentiation is harder than ever. 

And yet, innovation is happening. Firms are adapting, sharpening their strategies, and finding smart ways to stand out. Here are five big takeaways from my time on the road—lessons that could make all the difference for private credit leaders looking to navigate what’s next. 

1. Standing Out in a Fierce Market: Differentiation Is Survival

In New York, a managing director put it bluntly: “The market’s a bloodbath—everyone’s chasing the same deals.” 

That sentiment echoed in every city. With new players entering and established firms ramping up, competition has hit a boiling point. To win, firms have to bring something different to the table—be it expertise, speed, or access. 

A few stand-out approaches I came across: 

A team focused on distressed retail closed $150M last quarter by leveraging deep restructuring expertise 

In Boston, a partner built exclusive ties with regional banks and brokers, generating 20 high-quality leads every month 

A healthcare-focused group published industry whitepapers and started getting invites to pitch to top-tier LPs 

Another firm used advanced analytics to cut due diligence time in half, winning deals with faster term sheets. 

Key Insight: In a saturated market, having a sharp edge—whether it’s niche knowledge, speed, or relationships—is what keeps you in the game. 

2. Breaking the Bandwidth Bottleneck: Scaling Smarter

In Chicago, one partner half-joked, “Where’s my private credit associate when I need them?” 

Smaller teams are juggling a lot: building models, managing portfolios, dealing with investors—all while trying to stay competitive. The work is complex and specialized, and new hires take time to get up to speed. 

But some firms are tackling the strain with smart solutions: 

Automating model reviews and KPI tracking saved one team 30% of their time. 

Standardizing initial screening templates helped another group cut two weeks off due diligence. 

Real-time dashboards gave portfolio managers early warning signs, improving oversight. 

Key Insight: Tech and process improvements don’t just save time—they give firms breathing room to focus on what matters most. 

3. Mastering the Fundraising Marathon: Building Trust in a Sceptical Market

One GP I spoke to didn’t sugarcoat it: “LPs are digging deeper, and commitments take forever.” 

Fundraising cycles are stretching to 18+ months. LPs want more transparency, more proof of expertise, and more reasons to believe. A good story—backed by data—makes all the difference. 

Here’s how some firms are rising to the challenge: 

One team prepped materials and data rooms six months ahead and secured a $200M pension fund commitment in three months. 

In Philadelphia, a GP leaned into their sourcing edge in manufacturing and closed $150M with a family office. 

Another team curated a target LP list by fund size and sector fit, boosting their success rate by 25%. 

By adopting LP-friendly templates, one group cut follow-up questions by 40%. 

Key Insight: Preparation, focus, and clarity—those are the traits LPs are rewarding right now. 

4. Doubling Down on Specialization: Owning the Niche

In Miami, a fund manager didn’t mince words: “Generalists are getting crushed.” 

Firms are narrowing their focus to a few sectors where they have a real edge—whether in sourcing, underwriting, or both. That focus isn’t just helping with deal flow; it’s also making LPs more confident. 

Some smart plays I saw: 

A firm built their strategy around energy transition trends and regulatory tailwinds, leading to a $300M fund concept. 

Another created a healthcare borrower database and closed three deals in six months. 

Sector-specific scorecards helped one group filter out 70% of inbound leads, zeroing in on high-potential targets. 

By tracking rival activity, a tech-focused team uncovered gaps in SaaS financing—and built a $100M pipeline. 

Key Insight: The deeper your sector knowledge, the stronger your results—and your story to LPs. 

5. Building a Powerful Brand: Trust and Visibility Matter

A GP in Miami told me, “Our brand is what gets us in the room before the deal even starts.” 

A strong brand builds trust. It opens doors—with LPs, borrowers, and intermediaries. And in a crowded market, it’s more important than ever. 

Firms are taking brand-building seriously: 

One launched a podcast that now draws 5,000 listeners a month—and fresh LP interest. 

Sponsoring roundtables helped another group secure two co-investment deals. 

An LP portal with real-time data built trust and cut reporting demands by 30%. 

A team focused their website, pitch decks, and thought leadership around logistics lending—building a unified, memorable story. 

Key Insight: Brand is more than marketing. It’s your reputation—and it’s a strategic asset. 

Looking Ahead 

After six weeks on the road, what sticks with me most is how resilient and resourceful these firms are. Whether it’s the Chicago partner improving workflows or the Miami GP building a standout brand, private credit is full of smart operators rising to the moment. 

At Fuld & Company, we help firms meet these challenges head-on—whether that’s sharpening their positioning, streamlining operations, or zeroing in on high-potential sectors. 

The road ahead won’t be easy. But with the right strategy, focus, and mindset, private credit firms can not only survive—but thrive. 

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